From the Editor.

Strategic alliances. Partnerships. Joint ventures. They aren't exactly the same, but they are components of one of the strongest overarching trends in the corporate world -- namely, pairing up with a partner (or maybe more than one) to share costs, increase efficiency, extend product reach and more. In our cover story, Danny Ertel, a partner with Boston-based Vantage Partners, outlines the case for corporate alliances, points out the pitfalls many have encountered and details key guidelines for making them work.

In the wake of the terrorist attacks, there's been a renewed focus on business continuity -- keeping a company operating even as facilities may be damaged or people killed. Companies in New York had to deal with that first-hand, of course, but the lessons are more universal, and they go past the traditional use of "disaster recovery" systems that back up computer programs. From emergency response planning to digital workspaces, new or revived programs will be needed to ensure that operations can proceed following a calamity.

Just what should the relationship be between a CFO and his or her company's board -- or other boards? Gregory Millman asked several experts and interviewed four CFOs to get their advice. Each of the finance executives had a somewhat different slant on what they all agree is a vital role for the CFO in terms of visibility and credibility -- including those occasions when there is a perceived conflict between the CEO's view of the financial picture and the CFO's view.

In these days, when the economy remains troubled, stocks are subject to sudden shocks and management's hold is less secure, it's worth having an employment contract, say a pair of consultants with William M. Mercer Inc. It has to be in writing, they argue, and it should spell out certain provisions in detail, especially those related to change in control or severance, if the executive is going to be adequately protected.

In an interview with Managing Editor Ellen Heffes, the CFO of IBM Global Financing, Paula Summa, talks about the marketplace, the role of the finance team in that arm of IBM's business and her own career path. Summa is the most-senior woman finance executive at IBM and has an intriguing perspective on the organization.

The anthrax scares and the assault on the mail system may have knocked e-commerce and computer system security out of the headlines, but electronic breaches need to be guarded against vigilantly, from outside and from within, say Mary Pat McCarthy and Stuart Campbell of KPMG LLP. Not enough senior executives appear to have thought through all the issues and developed a good plan, they write.

In a new feature, we asked FEI members from a couple of top newspapers about the state of their industry and their own strategies. Their candid comments appear on page 42. We hope to use "Industry Outlook" as a way of periodically shining light on the challenges faced by finance executives in different segments of the economy.

Jeffrey Marshall